By Dave Sims, Commodity News Service Canada
WINNIPEG, March 14 – Canola contracts on the ICE Futures Canada platform were slightly lower Tuesday morning, tracking declines in Chicago Board of Trade soybeans and soyoil.
Crushing margins on the Canadian Prairies remain under significant pressure.
Both soybean acres in the US and canola acres in Canada are expected to be higher this spring, which contributed to the declines.
Technical selling was a feature of early morning activity.
However, the Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Gains in Malaysian palm oil were supportive for canola.
Ideas that canola supplies will be tight by the end of the 2016/17 marketing year underpinned prices.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:58 CDT:
